Portland-based Vacasa said Tuesday it has raised $103.5 million in its second round of funding, an investment the vacation rental management company will use to dramatically expand its national reach.

With the new private equity financing in hand, Vacasa said it expects to grow its 300-person Portland workforce by as much as 50 percent over the next 12 months. The company also is looking for new headquarters near its current offices in the Pearl District, expecting to triple its footprint within three years.

Vacasa is attempting to consolidate the highly fragmented market of vacation rental management, aiming to use technology and scale to make it more efficient and profitable. The company's highest concentration of rental properties is in Oregon, and Vacasa said the new funding will allow it to make similar inroads on a national stage.

Financials: Undisclosed; Vacasa said it expects revenue will grow by 70 percent this year, and could double in 2018

Employees: 1,600, including 300 in Portland

Silicon Valley private equity firm Riverwood Capital led the round, joined by another new investor, NewSpring. Vacasa raised a $40 million round last year. New Yok-based Level Equity led that round (originally announced at $35 million), and joined other prior investors participating in Tuesday's funding.

"We think there's a great opportunity for a technology-driven leader like Vacasa to consolidate that and build a large national, even global, company," said Jeff Parks, a Riverwood founding partner.

Vacasa provides management services at more than 6,000 vacation rental homes, generating revenue by charging booking, cleaning and other fees.

It lists properties online and uses technology to adjust prices dynamically, raising them at hot times and cutting them during slow periods. Vacasa has hundreds of employees in local markets, managing, cleaning and maintaining properties.

Airbnb and VRBO helped popularize online vacation rental listings, and Parks said they helped open the market for Vacasa by introducing travelers and homeowners to the appeal of booking online.

"That's just a cultural shift that had to happen over the past several years," Parks said.

But while Airbnb and VRBO list properties, they don't clean or maintain them. That's a role historically played by small, local management companies that are often in the same communities where the rental homes are.

Vacasa is betting that it can manage huge numbers of these properties itself. It's already made more than 60 acquisitions, all of them relatively small vacation management firms for which the Portland company paid no more than $10 million, and sometimes as little as $50,000.

"This is an operationally complex business," Parks said, adding that Vacasa will face other hurdles managing its own growth. But he said that if the Portland company gets those things right it has the potential to produce a very large business.

"The biggest challenge for this company is just prioritizing around a lot of great opportunities," Parks said.

Vacasa's Portland headcount has doubled since its last funding round 18 months ago; Breon, the CEO, said the company is already nearing capacity in the 37,000-square-foot Pearl District offices it moved into just last year.

With the additional growth funded by Tuesday's investment, Breon said the company will need more space as to accommodate additional personnel.

"I think we're going to be doing a lot of hiring here, especially on the engineering front," Breon said. "We can now afford really great people for pretty much any function."